Paying for College

Paying for college is one of the biggest concerns for students and their families. However, it is important to remember that two thirds of college students receive some type of financial aid and students can combine a variety of ways to pay for college. Roughly $46 BILLION is given through grants and scholarships from the US Department of Education each year to help college students, you just need to know where to look and what to do.

DO YOU NEED MONEY FOR COLLEGE?

Types of Financial Aid

It is suggested that students take scholarships and grants before taking loans. Scholarships and grants are considered FREE MONEY which does not have to be paid back.

Loans are considered borrowed money, which will need to be paid back. There are two primary types of loans: federal and private. Students should take federal loans before private loans, as there are more flexible payment options and lower interest rates.

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Tuition Incentive Program (TIP)

The Tuition Incentive Program (TIP) was established in 1987 under the Annual Higher Education Appropriations Act as an incentive program that encourages eligible students to complete high school by providing tuition assistance for the first two years of college and beyond.

  • Students must meet a Medicaid eligibility history requirement. Eligible students must apply prior to high school graduation (high school diploma or its recognized equivalent).

  • Beginning 2018-19, students must file a Free Application for Federal Student Aid (FAFSA) before the federal deadline.

  • When selecting a college a student should follow up with the financial aid office to confirm whether they will be awarded TIP and see if further information is needed to finalize their financial aid.

MICHIGAN STUDENT AID - TIP WEBSITE

2018-19 TIP FACT SHEET

WHAT IS TIP? HANDOUT

TIP FREQUENTLY ASKED QUESTIONS